Mr. John Fraser reports

MERCADO MINERALS PROVIDES UPDATE ON DRILL PROGRAM AT COPALITO

Mercado Minerals Ltd. has provided an update on the current drill program under way at the Copalito project in Sinaloa, Mexico. The Copalito project covers 2,870 hectares, located on the western edge of the Sierra Madre Occidental. On March 10, 2026, the company announced the commencement of a 3,000-metre diamond drill program, which has nearly reached its halfway point.

Highlights

• To date the company has completed 12 holes and a total of 1,479 metres, with 11 holes at the 5 Senores vein, designed to infill previous results, test along strike and to depth.
• The drill has moved to the El Agua vein to commence testing this productive vein structure.
• Initial drill samples have been sent to ALS Global in Hermosillo, Sonora, for analysis.
• Expanded soil sampling program has begun, to cover additional prospective ground and provide infill detail.
• Geological team continues to explore and map the extents of the Copalito project.

Chief executive officer comment

Daniel Rodriguez, CEO and director, commented:

"We are now about to enter the second half of the drill program. Most of the focus to date has been on 5 Senores and we will now shift to El Agua and then to El Pilar and other areas of the property. The goal has been to expand on the known and go test some of the unknown. We are happy with the progress to date and the team is executing on all levels. I am looking forward to getting the first round of results out to the market, once we have analyzed and interpreted them. We see potential to expand on known areas and new areas of interest as the team continues to uncover more through prospecting and sampling."

Drilling update

Drilling has comprehensively tested along the strike of the 5 Senores vein, infilling in areas where the company sees evidence for better thickness and grade and some aggressive tests to depth. The drill is now testing the El Agua vein with the same goals of testing along strike, infilling in key areas and some aggressive tests to depth.

Drill targeting has been refined with two holes planned at the north junction of the Chente and Cobriza vein systems and the southeast extension of 5 Senores -- an approximately potential 250 m strike length segment that has never been drill tested before.

Exploration update

Preliminary soil data results have been received, which indicate a positive correlation between anomalous silver, lead, zinc, gold and arsenic values in newly sampled areas, and at known vein occurrences. Given this positive correlation, the company has decided to expand the soil sampling program with a combination of infill detail samples and expansion of the sampling area.

The mapping and sampling program continues exploring new areas of the project as well as detailed work defining drill targets on previously undrilled vein segments that the company may drill test later in the current program.

Qualified person

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and was reviewed and approved by Kelson Willms, PGeo, of Archer, Cathro & Associates (1981) Ltd. Mr. Willms is a qualified person for the purposes of National Instrument 43-101.

About Mercado Minerals Ltd.

Mercado Minerals is a silver-focused exploration company targeting the next world-class discovery in Mexico's emerging Western silver belt, part of the prolific Sierra Madre Occidental mining district. With a proven team boasting extensive experience in Mexican exploration, Mercado is actively advancing multiple projects across more than 3,000 hectares. The company is committed to creating shareholder value through disciplined exploration, strategic growth and discovery-driven results.

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